Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics
Economics Chapter Eight
| Term | Definition |
|---|---|
| sole proprietorship | a business owned and managed by a single individual |
| business organization | the ownership structure of a company or firm |
| business license | authorization to operate a business issued by a local government |
| zoning laws | laws in a city or town that designate certain areas, or zones, for residential and business use |
| liability | the legal obligation to pay debts |
| partnership | a business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
| general partnership | a type of partnership in which all partners share equally in both responsibility and liability |
| limited partnership | a type of partnership in which only one partner is required to be a general partner |
| limited liability partnership | a type of partnership in which all partners are limited partners |
| articles of partnership | a partnership agreement that spells out each partner's rights and responsibility |
| assets | the money and other valuables belonging to an individual or buisiness |
| business franchise | a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
| royalities | the share of earnings given by a franchise as payment to the franshiser |
| corporation | a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm's debts |
| stock | a certificate of ownership in a corporation |
| closely held corporation | a type of corporation that issues stock to only a few people, who are often family members |
| publicly held corporation | a type of corporation that sells stock on the open market |
| bond | a formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals |
| certificate of incorporation | a license to form a corporation issued by a state government |
| dividend | the portion of corporate profits paid out to stockholers |
| limited liability corporation | a type of business with limited liability for the owner's with the advantage of not paying corporate income tax |
| horizontal merger | the combination of two or more firms competing in the same market with the same good or service |
| vertical merger | two or more firms involved in different stages of producing the same good or service |
| conglormerate | a business combination merging more than three businesses that produce unrelated products or services |
| multinational corporation | a large corporation that produces and sells its goods and services in more than one country |
| coorperative | a business organization owned and operated by a group of individuals for their shared benefit |
| consumer coorperative | a retail outlet owned and operated by consumers that sells merchandise to members at reduced prices |
| service cooperative | a type of cooperative that provides a service rather that a good |
| producer coorperative | an agricultural marketing cooperative that helps members sell their products |
| nonprofit organization | an institution that functions much like a business, but does not operate for the purpose of generating profit |
| professional organization | a nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations |
| business association | a group organized to promote the collective business interests of an area or group of similar businesses |
| trade asscoiation | nonprofit organizations that promote the interests of particular industries |
Created by:
sabrina.kizy
Popular Business sets